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Growing your E-commerce Business- How to take the next step

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02/06/2022 | Share:

 

It can be difficult to take your e-commerce business to the next level. Often, you may feel like you’ve hit a wall in terms of growth and progress. However, there are a few key things you can do to help take your business to new heights.

1. Evaluate your Current Situation

As an e-commerce business owner, it’s important to regularly evaluate where your business is at in the market. This will help you to make informed decisions about where to focus your efforts in order to continue growing and succeed.

There are a few key areas you should always assess:

-Your position in the market: How does your business compare to your competitors? Are you ahead, behind, or on par?

-Your target audience: Who are you selling to? Who is your ideal customer?

-Your products and services: What do you offer? What do your customers want and need?

-Your sales and revenue: How much are you making? What could you be doing better?

-Your capacity for growth: Do you have everything in place, manpower, technology, storage, and order fulfilment, to meet the needs of future growth in orders?

Evaluating your e-commerce business on a regular basis will help you to make sure it is on track and heading in the right direction. It can also help to identify areas of opportunity so you can capitalise on them and continue to grow your business.

2. Set Goals

Once you’ve evaluated your current situation, it’s time to set some goals. What do you want to achieve with your e-commerce business? Some tips to keep in mind as you set your goals:

-Make sure that your objectives are something that you can actually control. For example, you can control how often you update your website or the number of products you offer, but you can’t necessarily control how much traffic you get.

-Be realistic about what you can achieve. It’s important to set goals that challenge you but are still attainable.

Don’t forget to set a timeline for your goals. This will help you stay on track and motivated.

Some possible goals you could set for your business include:

– increasing sales by 10% in the next quarter

– adding 50 new products to your website in the next month

– doubling your social media following in the next 6 months

It’s important to set realistic and achievable goals so you can start working towards them.

3. Identify your Target Market

If you want to grow your e-commerce business, you need to identify your target market. Who are your ideal customers? What do they like and dislike? What problems do they need to solve? Once you have a good understanding of your target market, you’ll be able to better market to them.

You need to be able to answer some basic questions about this person. What are their age, gender, income level, interests and needs? What do your products do for them and how can you reach more of this market.

You can also use demographic data to help you identify your target audience. This data can be found through market research reports, or through online tools like Google AdWords and Facebook Insights.

4. Create a Marketing Plan

As an e-commerce business owner, you know that a successful marketing plan is key to driving traffic and sales. But with so many moving parts to consider, it can be difficult to create a plan that covers all your bases. Now you’ve defined your Target Audience here are a few key points to keep in mind when creating a marketing plan for your e-commerce business:
a. Define your target audience.

Defining your target audience using the points above will help you create messages that resonate with them.

b. Set your marketing goals.

What do you want to achieve with your marketing efforts? Do you want to increase traffic to your website? Boost sales of a particular product? Drive brand awareness? Be sure to set measurable goals so you can track your progress

c. Identify your budget.

How much are you willing to spend on marketing? Having a budget in mind will help you determine which marketing activities are feasible for your business.

d. Choose your marketing channels.

There are a variety of marketing channels you can use to reach your target audience. Some popular options include email marketing, social media, paid advertising, and content marketing. Consider which channels will work best for your business and your goals.

e. Create compelling content.

Your marketing efforts will only be as successful as the content you create. Be sure to produce high-quality, engaging content that will capture your audience’s attention.

f. Monitor your results.

It’s important to track your marketing progress and performance. This will help you identify what’s working and what needs to be improved. Regularly check your website analytics and marketing Key Performance Indicators (KPIs) to get a sense of how your campaigns are performing.

5. Invest in Technology

Technology is always changing, and it can be hard to keep up with the latest and greatest developments. But if you’re looking to expand your e-commerce business, it’s important to be aware of the latest technology trends. Here are some of the top technologies to invest in for eCommerce businesses:

E-commerce platform – You no doubt already have an e-commerce platform in order to run an online store, powering your website and enabling you to sell products or services online. There are many different types of eCommerce platforms available, so it is important to ensure you’ve selected one that is scalable and offers all the features that you need as your business expands.
Mobile commerce. More and more consumers are using their mobile devices for shopping, so it’s important that your eCommerce site is optimised for mobile. Invest in a responsive design that will work across all devices, or consider developing a dedicated mobile app.
Social media. Social media can be a powerful tool for driving traffic to your eCommerce site. Make sure you’re active on the major social networks and that you’re using effective marketing strategies.
Data collection. Collecting and analysing data is essential for any business, but it’s especially important for eCommerce businesses. Big data can help you understand your customers and their buying behaviour, so you can make better decisions about inventory, pricing, and marketing.
Voice search. With the rise of digital assistants like Alexa and Siri, voice search is becoming more popular. Make sure your eCommerce site is optimised for voice search so that customers can easily find what they’re looking for.
Investing in the latest eCommerce technology can help you stay ahead of the competition and take your business to the next level.

6. Outsource

Ultimately as you expand your business there comes a time when you need more help. Do you look at recruiting more staff or outsourcing some of the work? There are a number of advantages of outsourcing which can be extremely beneficial to your business, these can be:

Flexibility – One of the great advantages of outsourcing is that it gives you much more flexibility than taking on new employees. When you take on new staff you are making a long-term commitment, whereas with outsourcing you can simply use the services of a particular company or individual for as long as you need them.

Less hassle – When you outsource work it means that you don’t have to worry about things like training, holiday cover and sick pay. This can save you a lot of time and money.

Cost-effective – Outsourcing can often be more cost-effective than taking on new staff, particularly if you only need the services of a particular company or individual for a short period of time.

Improved quality – When you outsource work you can often benefit from improved quality as you will be using the services of experts who have a lot of experience in their field.

As your e-commerce business grows, you will likely find yourself with less and less time to focus on the tasks that you enjoy or that are the most important to your business. This is when outsourcing can be a lifesaver. But what exactly can you outsource from your e-commerce business?

Here are some ideas:
1. Marketing

There are a lot of marketing tasks that can be outsourced, from social media management to content creation. This is particularly important if it’s something that’s not your area of expertise, leaving you time to focus on your products.

2. Customer service

Another task that can be outsourced is customer service. If you find that you’re spending too much time dealing with customer inquiries, consider hiring a virtual assistant or another company to handle it for you.

3. Order fulfilment

As your business grows, you may not be able to keep up with the demand for your products. In this case, you can outsource your order fulfilment to a third-party company. Not only will this free up your time and energy, but also free up storage space at your premises.

Outsourcing can be a great way to free up your time so that you can focus on the tasks that are most important to you. You may be surprised at how much of a difference it can make in your business. For further information on Ogden Fulfilment go to https://www.ogdenfulfilment.co.uk/

 

 

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